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The Credit Union Family Partnership Project is a matched savings initiative designed to build long-term partnerships between Iowa credit unions and low-income individuals and families to include financial literacy, household economic sustainability and asset building outcomes for participants. The program utilizes Individual Development Accounts, which are matched savings accounts for low-income families who meet income-based criteria. Credit unions will hold and manage the IDAs and establish a relationship with each participant to monitor his or her progress towards financial independence.
What are IDAs
A savings account connected to services to help individuals and families eventually acquire an economic asset toward long-term financial stability. Typical asset goals for the savings and match are homeownership, higher education, job training, and small-business capitalization. The Credit Union Family Parntership Program (CUFPP) will include the purchase of an automobile for work.
Why is ICUF involved?
The Foundation’s mission is to help Iowans build wealth, responsibility and independence, and Individual Development Accounts are a proven strategy toward financial independence.
Why IDA accounts are more than a savings account
IDA programs provide financial education and related services as well. These programs may provide individual counseling on matters such as credit repair (basic financial literacy) and support for a successful asset purchase (asset-specific training).
Who is involved
- Asset Building Coalition of Iowa
- Community Business Lenders
- Coopera Consulting
- Governor’s Developmental Disabilities Council
- Iowa Able Foundation
- Iowa Community Action Association
- Iowa Corporate Central Credit Union
- Iowa Credit Union League
- Iowa Division of Community Action Agencies
- Iowa Home Ownership Education Project
- MyEntreNet – UNI Regional Business Center
- The Abilities Fund
- United Way of East Central Iowa
If your organization is interested in partnership opportunities with the Credit Union Family Partnership Program, please contact Marybeth Foster at 515-221-3001 or marybethf@iowacreditunions.com.
Income Guidelines
A person is eligible to participate if they meet one of the following two major criteria:
1. They are eligible for the Temporary Assistance for Needy Families (called FIP in Iowa) program at the time of application.
OR
2. They meet both of the following two sub-criteria:
• Their household income is either less than twice the Federal poverty line at the time of application or within Federal Earned Income Tax Credit limits.
• Their household net worth was less than $10,000 at the end of the calendar year that proceeded the time of their application.
What the money can be used for
Matching rates
Dollar for dollar match or 1:1
Maximum match of $4,000 per family and $2,000 per individual
Financial Education
Participants complete financial education conducted by one of the following pilot credit unions:
ACE Community Credit Union, Ames
Affinity Credit Union, Des Moines
Ascentra Credit Union, Bettendorf, Davenport, Muscatine
Cedar Falls Community Credit Union, Cedar Falls
Community 1st Credit Union, Ottumwa and other branches
Dupaco Community Credit Union, Dubuque
DuTrac Community Credit Union, Dubuque, Maquoketa, Eldridge, Davenport
Employees Credit Union, Estherville
Family Community Credit Union, Charles City
Linn Area Credit Union, Cedar Rapids
Marine Credit Union, Decorah
Veridian Credit Union, Waterloo
For more information, contact the Iowa Credit Union Foundation, 515-221-3001 or marybethf@iowacreditunions.com.
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